The management of Mecca Copy, a photocopying center located on University Avenue, has compiled the...
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Accounting
The management of Mecca Copy, a photocopying center located on University Avenue, has compiled the following data to use in preparing its budgeted balance sheet for next year:
Ending Balances
Cash
?
Accounts receivable
$
8,800
Supplies inventory
$
5,300
Equipment
$
37,500
Accumulated depreciation
$
15,200
Accounts payable
$
2,500
Common stock
$
5,000
Retained earnings
?
The beginning balance of retained earnings was $35,000, net income is budgeted to be $19,900, and dividends are budgeted to be $2,900.
Required:
Prepare the companys budgeted balance sheet. (Amounts to be deducted should be indicated by a minus sign.)
Mecca Copy
Budgeted Balance Sheet
Assets
Current assets:
Total current assets
Plant and equipment:
Plant and equipment, net
Total assets
Liabilities and Stockholders' Equity
Current liabilities:
Stockholders' equity:
Total stockholders' equity
Total liabilities and stockholders' equity
Answer & Explanation
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